SPR results affected by ‘challenging’ conditions

20 July 2007 — Atlanta (GA): SP Richards’ (SPR) parent company GPC has posted its financial results for Q2 and the first half of the year.

SPR’s Q2 net sales were $430.6 million, up from $427.2 million a year earlier. Net sales for the first half of 2007 fell to $882.5 million from $893.1 million last year.

Q2 operating profit fell to $37.6 million compared to $38.5 million in Q2 2006. For the first half of the year operating profit also fell to $85.8 million from $86.2 million a year earlier.

Tom Gallagher, GPC chairman, president and CEO, said: "Market conditions continued to be challenging for each of these businesses in the quarter but, through the combination of internal revenue initiatives and improving industry fundamentals, we anticipate a bit stronger growth in automotive and office products over the second half of the year."